Damascus: The Central Bank of Syria (CBS) announced Monday that the country will be reconnected to the SWIFT global payments system within the next few weeks, after more than 12 years of banking isolation due to international sanctions.

According to Qatar News Agency, Governor of the Central Bank of Syria (CBS) Abdul Qader Hasriyya stated that resuming SWIFT operations in the country will contribute to attracting foreign currency and enhancing transparency in financial transactions. This move aims to reduce reliance on informal channels, which have long been used in cross-border trade.

Hasriyya further explained that the new plan involves routing foreign trade through the formal banking sector, thereby freeing money exchangers from the cycle of illicit profits, which previously reached 40 cents on every dollar. The Central Bank, in coordination with local banks, has completed the requirements for obtaining SWIFT codes. The final stage involves correspondent banks abroad resuming the processing of financial transfers, which necessitates a more open international environment and banking coordination.

In addition, efforts are underway to issue financial sukuk as a new financing tool, following the state's decision not to resort to external borrowing. This initiative is part of a vision to strengthen Syria as a regional financial center, with reconstruction projects expected to accelerate and attract direct investments in the infrastructure sector.

SWIFT had suspended its services in Syria in 2012 due to Western sanctions, compelling the country to rely on alternative financial networks for its international trade and financial transactions.